Growth is high on the agenda for many medium-sized accounting firms. But with growth comes complexity – more clients, more data, more risk – and many legacy platforms are simply not built for scale.

“Many medium-sized accounting firms are still dealing with manual processes and a lot of the legacy software systems are still built around Excel,” says Allen Knight, CEO and co-founder of TaxLab, the online tax software system that helps accelerate growth.

“Scaling a business can be very time intensive, so trying to complete tasks with outdated tools can slow you down. It might not be so noticeable when you start your journey, but when scaling, it can really put the brakes on.”

Built for growth

TaxLab automates routine tasks and enhances accuracy – allowing teams to deliver faster, higher-quality service and focus on valuable strategic work. 

A New Zealand-first solution with the country’s largest tax development team, it covers the entire tax lifecycle – from provisional tax to year-end reporting, tax return preparation and electronic filing. Plus, it helps with Inland Revenue (IR) correspondence to manage risks and keep on top of deadlines.

“Software should propel your growth, but it’s often overlooked,” says Knight. “TaxLab was designed for large firms, so it’s already solved a lot of the issues firms with growth ambitions will face.”

TaxLab’s Provisional tax module, for example, lets accounting teams create accurate, branded notices at scale – reflecting real-time liabilities, IR data and tax pooling balances. From single taxpayers to large groups, flexible templates and group notice options are all handled in one streamlined workflow.

Benefits of a modular approach

Risk management also requires closer attention as firms grow. TaxLab’s Tax Inbox+ module is built not only for efficiency, but around risk management at scale. It automatically collects, sorts, assigns and distributes IR correspondence, applying deadlines and transparency so nothing gets missed or delayed.

“The myIR platform is not built for managing high volumes efficiently at scale,” says Knight. “A lot of firms don’t consider this when they’re starting their growth journey, but the sooner you get these processes automated, the more time you will have to focus on growing.”

The time it takes to integrate a whole new platform into your practice can risk slowing you down, but TaxLab’s modular approach is designed to grow with you.

“You could start with Tax Inbox+ or the provisional tax products first, because they can be turned on at any time of the year with little learning curve, whereas you might want to adopt the tax return modules to align with a 1 April launch for the new tax year,” says Knight.

“Software can be an afterthought when firms are trying to scale,” he adds. “If you’re serious about scaling, you should know about TaxLab. Many firms already have people who’ve used it – often from the big four. We encourage ambitious firms to seek out their perspective, or to get in touch with us directly.”

Find out more about TaxLab

For more information about TaxLab’s suite of tax solutions for firms, click here.